Global Plywood Market Report by Type (Hardwood and Softwood), By Grade (Mr Grade (Moisture Resistant), Bwr Grade (Boiling Water Resistant), Fire Resistant Grade, Structural Grade and Others), By Application (Construction, Furniture, Packaging, Flooring, Transport, Decoration and Others), Country and Company Analysis 2024-2030

Global Plywood Market Size

Global Plywood Market share is anticipated to be about US$ 83.51 Billion by 2030 compared to US$ 55.33 Billion in 2023. Renub Research said the industry is predicted to grow at a CAGR of 6.06% from 2024 to 2030.

Plywood is an engineered wood sheet material consisting of thin wood veneer strands or delicate layers affixed at a 90-degree angle. It is a particular kind of produced board resembling a cross between a chipboard (particle board) and a medium-density fiberboard (MDF). It is a complicated substance that adheres to wood fiber sheets and resin. Due to its relatively low moisture content, plywood has gained popularity during the past decade, which makes it easy to conduct various operations. Plywood has become essential for outdoor applications.

Global Plywood Market Trends

• People worldwide are increasingly in need of materials that are smooth, flexible, long-lasting, economical, and environmentally friendly. This supports the expansion of the plywood market. Numerous technological developments in plywood have also improved its resistance and flexibility. The growth of the plywood industry is being supported by the growing use of plywood-based goods in workplaces and commercial spaces across the globe, including desks, cabinets, and almirahs.
• Sonear Zero Emission plywood is made with a particular grade resin and a unique recipe, resulting in greatly decreased formaldehyde emissions during the manufacturing process. Formaldehyde is a volatile organic compound (VOC) frequently present in conventional plywood and other building supplies.
• In February 2024 - Rushil Decor Limited announced its entry into the environmentally friendly plywood market. With its latest project, the company, well-known for its ecologically friendly laminates and sustainable MDF, hopes to transform the plywood industry completely.
• In October 2023 - Greenply Industries achieved a significant milestone when it received certification for its newly introduced CARB P2 MDF from the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB). Greenply was the first company to receive certification from the EPA and CARB for its Zero-Emission plywood product range.
• The plywood market is expanding due to rising consumer demand for high-end, designer furniture that is durable, aesthetically pleasing, and appealing to a wider range of people. Global income levels are also rising.
• The World Bank predicted that the world economy would expand by 1.7% in 2023 and 2.7% in 2024. This growth will lead to a rise in spending on items like plywood furniture.
• Plywood sales are being impacted by rising interior design costs and homeowners' increasing desire for stylish furniture and home decor.
• The US Bureau of Labor Statistics projects that employment of interior designers will increase by 4% between 2022 and 2032, or roughly as fast as the average for all occupations.

Growth Driver in the Global Plywood Market

Increasing Demand in the Construction Industry

An emerging factor which is playing a pivotal role in the growth of the plywood industry worldwide is the growth in the construction industry. Plywood is very strong and this makes it to be used in building purposes for example for flooring, walls and roofing. This demand has been occasioned by accelerated urban development and the observed increased expansion of infrastructure across the development and developed world. Due to these growths in economies, there is an enhanced demand of buildings for residential, commercial, and industrial purposes which improves the global plywood market. Plywood is popular in today’s constructions due to its effectiveness and applicability in constructions; it is cheaper and has a promising market in future.

Growing Furniture Industry

The development of the furniture sector around the world is also another growth consideration that acts as a driver to the plywood market. Timber on the other hand is used in furniture production because of its good looks, workability and versatility to other designs. As more people come into the market, peoples, income and standards of living improve, trendy and cheap furniture among them, the market demand for plywood increases. Furthermore, with the increasing usage of modular and ready to assemble furniture, the demand for plywood has increased even more based on its strength, flexibility, affordability and stability that it provides to the market of furniture around the world.

Rising Environmental Awareness and Sustainability Trends

Consumer awareness together with an active search for environmentally friendly materials and the company’s impact on the environment has become an important trend that influences the plywood market in the world. Being made of a number of layers of thin slices of woods, plywood is more ecofriendly than metal or plastic and is widely used in projects considering this factor. Authorities and organizations from all over the world advocate for the use of sustainable construction and development focusing on the use of renewable materials thereby boosting the demand for plywood. Also, the certification and commitment to sourcing raw materials from responsibly managed domains add to the product’s demand in the market due to the increasing focus on green building products.

China Plywood Market

• China plywood industry has grown steadily over the years. The nation's booming construction sector drives this. Plywood is used extensively in the construction industry because of its excellent strength, cost-effectiveness, and adaptability.
• According to the National Bureau of Statistics (NBS), the value add of China's construction industry increased by 7.2% year over year (YoY) in the first three quarters of 2023, with the industry's growth assessed to have been 6.5% in real terms.
• The country's rising inclination toward environmentally friendly building methods is also boosting demand for sustainable plywood products and opening new business opportunities for industry participants.
• In April 2022 - The first legally mandatory regulation governing carbon emissions from buildings and construction is the General Code for Building Energy Conservation and Renewable Energy Utilization, published by the Ministry of Housing and Urban-Rural Development.
• It increases the percentage of renewable energy used by buildings from 6% in 2020 to 8% by 2025 and mandates that all new urban buildings in China be built in compliance with green building standards by that time.
• In November 2022 - The Ministry of Industry and Information Technology (MIIT) informed about The Action Plan on Peaking Carbon Dioxide Emissions in the Building Materials Industry (Action Plan). The Action Plan outlines 15 Major Goals into five types to improve general ability control, increase the amount of solid waste operated, and reduce the consumption of high-carbon products.

Global Plywood Industry News

Renowned players covered in the global plywood industry analysis contain Boise Cascade, Weyerhaeuser Company Ltd, UPM-Kymmene, Potlatchdeltic Corporation, Metsä Board, Century Plyboards Ltd, and Greenply Industries Ltd.

• In October 2023 - Duroply introduced "Duro Advantage—09 Layers of Protection" for its leading brands at MATECIA 2023, India's premier building material trade show.
• In April 2023 - Palmer-Donavin, a significant wholesale distributor of building supplies, stated that it had bought Diamond Hill Plywood.
• In November 2022 - As part of a calculated move to support expansion and raise Stannah's caliber of customer service, the stairlift manufacturer has purchased 3D Ply, one of its longstanding suppliers.
• In September 2022 - Garnica presented its most recent plywood developments to the US woodworking market. Garnica's participation in IWF Atlanta increased its reach. At its booth, it showcased a novel idea called Fireshield Plywood.

Type – Market breakup of 2 viewpoint

1.    Hardwood
2.    Softwood

Grade – Market breakup of 5 viewpoint

1.    Mr Grade (Moisture Resistant)
2.    Bwr Grade (Boiling Water Resistant)
3.    Fire Resistant Grade
4.    Structural Grade
5.    Others

Application – Market breakup of 7 viewpoint

1.    Construction
2.    Furniture
3.    Packaging
4.    Flooring
5.    Transport
6.    Decoration
7.    Others

Country – Breakup of 27 country Plywood market

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    United Kingdom
2.2    France
2.3    Germany
2.4    Italy
2.5    Netherland
2.6    Belgium
2.7    Spain
2.8    Switzerland
2.9    Turkey

3.    Asia Pacific

3.1    India
3.2    China
3.3    Japan
3.4    South Korea
3.5    Indonesia
3.6    Malaysia
3.7    Hong Kong
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    Israel
5.3    South Africa

6.    Rest of World

All companies have been covered from 3 viewpoints

•    Overviews
•    Recent Developments
•    Revenues

Company Analysis

1.    Boise Cascade
2.    Weyerhaeuser Company Ltd
3.    UPM-Kymmene
4.    Potlatchdeltic Corporation
5.    Metsä Board
6.    Century Plyboards Ltd
7.    Greenply Industries Ltd

Report Details: